Online retailer Inc is reducing the size of its board to seven directors from eight, opting not to replace a departing long-time member, according to a proxy statement filed on Wednesday.

The retailer, whose annual shareholder meeting is set for May 25 in Seattle, is recommending the re-election of the board's seven other current members, who include Chief Executive Officer Jeffrey Bezos and venture capitalists Tom Alberg and William Gordon, according to the filing with the U.S. Securities and Exchange Commission.

One of Amazon's long-time directors, famed Silicon Valley venture capitalist John Doerr, told the company last month that he would step down from the board after his current term ends.

Last year, Amazon paid Bezos, who founded the company in 1994 and has been its CEO since 1996, a salary of $81,840, a figure that has remained unchanged in recent years.

Other forms of compensation, which largely represents the cost to pay for Bezos' business travel and provide Bezos with security, rose by $500,000 last year to reach $1.7 million, according to the proxy.

Bezos, who owns about 20.7 percent of Amazon's common stock as of February 25, declined to receive compensation beyond his salary in 2009 because of his large stake in the retailer, the company said in the proxy.

(Reporting by Phil Wahba; Editing by Lisa Von Ahn, Dave Zimmerman)